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TECHNICAL ANALYSIS: Cardano Price

Against the US Dollar (tethered), ADA price topped around the $0.3200 level and started a sharp downside correction.

There was a break below a major bullish trend line with support at $0.2900 on the hourly chart of the ADA/USD pair (data feed via Bittrex).

Holding a lot of significance, the pair is currently trading near a key support at $0.2700.

Cardano Price Decline

Against the US Dollar there was a decent upside move above $0.3000 in ADA price. The price moved above the $0.3200 level and traded as high as $0.3203. Later, sellers appeared and the price started a downside correction below $0.3000. There was a sharp decline, which resulted in a push below the $$0.2900 support and the 100 hourly simple moving averages.

More importantly, there was a break below a major bullish trend line with support at $0.2900 on the hourly chart of the ADA/USD pair. The pair settled below $0.3000 and the 100 hourly SMA. However, a major support zone around $0.2700 came into the picture and prevented further declines. Before the price got stable, a low was formed at $0.2719. It recovered and tested the 38.2% Fib retracement level of the last decline from the $0.3203 high to $0.2719 low. However, the price is facing a major barrier near the broken support at $0.2900 and the 100 hourly SMA.

Image Courtesy: NewsBTC/TradingView

The chart suggests that to move above the broken trend line the price is also struggling and $0.2880., there are chances of a short-term consolidation above $0.2700 looking at the current price action, before the price resumes its uptrend. Resistances on the upside are at $0.2900, $0.3000 and $0.32000.

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